Issue of Non convertible/ redeemable bonus preference shares or debentures - Clarifications.

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..... I (AD Category-I) banks is invited to Regulation (2ii) and Regulation 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No.FEMA.20/2000 -RB dated May 3, 2000, as amended from time to time, in terms of which equity shares, compulsorily and mandatorily convertible preference shares and compulsorily an .....

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..... tees for the ADR/GDR holders, by way of distribution as bonus from its general reserves under a Scheme of Arrangement approved by a Court in India under the provisions of the Companies Act, as applicable, subject to no-objection from the Income Tax Authorities. 3. The above general permission to Indian companies is only for issue of non-convertible/ redeemable preference shares or debentures to n .....

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